ICICI and Airtel have started a venture in which theu will colleborate to start cashless transaction era in India. Now, ppl can do transactions from their cell – be it a bill pay or to recharge.
ICICI will be verifying the callers and then on the basis of verifications, it will release the funds for the mentioned dealing.
Now this is the changing face of India and these are the players who are making this it up.
Here goes the news –
ICICI joins AirTel to offer cashless transactions
The days are not far when mobile phones will act as plastic money. ICICI Bank has joined hands with mobile service provider Airtel to evolve “M-cheque”, a mechanism to facilitate cashless transactions.
All that a customer has to do is to have an Airtel SIM connection with 32K capacity.
Under the new system, a merchant has to send an SMS to Littleworld, which will have the customer’s mobile database. Following authorisation by ICICI Bank after checking the balance of the customer’s account, an SMS will seek the customers’ authorisation. Following the customer’s authorisation the transaction will be completed. The merchant will be paid the money by the bank the next day.
“Based on the results of the pilot project a proper rollout will be initiated,” Madhivanan said.